While some commodity costs have abated from recent highs, ConAgra Food Inc.'s (CAG) Chief Financial Officer John Gehring said price inflation will continue to factor into the company's strategy this year.

Certain commodity costs have fallen - including edible oils, energy and grains - but aggregate input costs are still higher than last year, Gehring said Tuesday at the Consumer Analyst Group of New York Conference being held in Boca Raton, Fla.

Proteins, vegetables and steel are still feeling continued cost pressures, he said.

ConAgra expects raw materials costs to be around $500 million for its consumer foods division in fiscal 2009, up from $480 million in fiscal 2008, and $160 million in fiscal 2007.

"To be clear, we are not planning for net deflation but lower rates of inflation," Gehring said.

To counter rising raw material costs, food companies have had to raise prices in recent months. Gehring said he expects net fiscal 2009 price increases to be still significant, even after merchandising and promotion adjustments. However, all commercial foods businesses prices should recover the cost of inflation, which it has also been able to do in the past, he said.

ConAgra, whose brands include Hunt's ketchup and Healthy Choice frozen meals, reiterated its earnings per share guidance of slightly above $1.50 from continuing operations for fiscal 2009. In December, the food-maker reported a decline in fiscal second-quarter net income due, in part, to hedging markdowns.

Shares of ConAgra recently changed hands at $16.14, down 8 cents, or 0.6%.

-By Kelly Nolan; Dow Jones Newswires; kelly.nolan@dowjones.com; 201-938-4049